The extremely large amount of complex data set which is difficult to process by traditional systems is called big data. This data is being produced constantly every second and minute of life. Capturing, storing, and analyzing this data is usually the biggest challenge that companies are facing these days. Managing this complex and massive data […]
To gain increased and immediate benefit from contract management systems, it is important to extract and load metadata from legacy agreements. But many find that process costly, complicated, and time-consuming. So what is the best answer? \”Join Brightleaf and IACCM\’s joint webinar on Overcoming the challenge of legacy agreements\” Click here to register Date: September 20,
Challenges in migrating legacy agreements into a CLM system Read More »
The old way of capturing essential data attributes from legal documents has been transcended, thanks to technology. we hear about Artificial Intelligence (AI), we hear about Machine Learning software systems and other new technologies for data extraction from contracts. But when we dig into the details, the accuracy of abstraction is not to the standard
Can software alone be the answer for your contract abstraction needs? Read More »
Contracts within an organization run like blood in a human body, they dictate every aspect of key business strategies and relationships. Poor contract management can hamper the success of your business and can lead to severe negative consequences. Here are some of the reasons why you need an effective contract management process: Knowing your obligations
Track and manage your contracts Read More »
Contract review means critically analyzing the information present in a contract. This information when migrated into a CLM can actually cause a lot of trouble if not properly vetted or clarified. Most of the software solutions run on predefined algorithms and at times fail to recognize errors that might have occurred a) at the time
Do you check every element, or does “Review” mean spot-checking for you? Read More »
It is essential to abstract all the critical elements in contracts if you want to be able to reliably search through required information on a computer. You expect to have all the information, not just some because it’s about accuracy and completeness. You can’t afford to miss even one critical element, as that can be
A hybrid solution is better than owning just software for contract data abstraction Read More »
In our previous blog, we discussed the importance of analyzing the contract from a legal perspective. Now let’s discuss what are the major types of clauses an analyst comes across while analyzing a contract: Standard clauses – As discussed in the previous blog, it is the boilerplate provision that occurs frequently. They are generally consistent
Comparing and Contrasting Contract Clauses – Overview Read More »
The analysis is the process of breaking a complex topic or substance into smaller parts to gain a better understanding of it. When we talk about ‘contract analysis’ plenty of questions come to mind – does it refer to the financial analysis of a contract or it is about cost-effectiveness, business analysis, or maybe price
Contract analysis – why and how? Read More »
Is it your core business or your contracts, that should take your maximum time and effort? With contracts, always in a state of flux, being renewed or newly negotiated it may seem like a good idea at first to buy software for your in-house system. However, you need to buy, install and train and then
Simplify contract management Read More »
Contracts come in an endless variety of forms and complexity. Some contracts are dozens of pages long and comprehensible only to those with specialized skills, therefore they are critical. Each and every contract can be different and usually, therefore capturing information hidden in these contracts is not that straightforward. Clauses can be expressed differently in
Data Extraction from contracts – why is it so critical? Read More »
